Best Crypto Exchange for Beginners

We wanted to put together our list of the best crypto exchanges to help you decide where best to do your trading.  No exchange is perfect for everyone, but depending on your needs, you can find the perfect exchange for you.  Here are our top five.

What Is a Crypto Exchange?

The best crypto exchange allows you to buy and sell cryptocurrencies. Bitcoin, Ethereum, and Dogecoin are examples of what could be bought and sold on crypto exchanges. With that in mind, you’ll want to find the best possible exchange

Best Crypto Exchange for Ease and Privacy

Best Crypto Exchange

Godex was launched in 2018. Its focus is on two things. First, simplicity providing a smooth, user-friendly experience. Second is privacy. Godex allows clients to swap cryptos even without creating an account.

Godex.io is built for simple transactions, and it does this very well. It’s not like a traditional exchange but is more of an easy to swap crypto site; similar to Shapeshift or Changelly.  Their primary focus is privacy.  You can swap your currencies and that’s that. 

Godex has partnered with the Edge cryptocurrency wallet. The wallet is also easy to use and allows its users to control their private keys with an interface similar to that of other mobile banking apps.  If you’re a user of Edge and wish to swap your cryptos, the Godex is the best crypto exchange option for you. 

The Pros of Trading Cryptocurrency on Godex

  • The exchange requires no personal information to be supplied from its users
  • Very low fees
  • Has over 200 cryptocurrencies listed
  • No limits on order sizes
  • Simple and easy to use design
  • Excellent 4.9 Trustpilot rating with well over 1000 ratings

Best Crypto Exchange with High Service

Best Crypto Exchange

Binance, launched in 2017, has quickly become a top choice for crypto traders. It offers a vast number of cryptos for trade. Ones with good liquidity for many of them, and features that many traders are looking for. 

Binance has its own coin (BNB) that allows users to lower fees on the exchange. Their mobile app is likely the best in the business, enabling nearly all desktop app features, including margin and leverage trading, to be done on the phone with 24-hour service available. 

Binance has also worked with companies worldwide to supply local compliant exchanges (Binance US, Singapore, Jersey, and Uganda), allowing legal crypto purchases with the local fiat currency. This could make it the best crypto exchange for you.

The Pros of Trading Cryptocurrency on Binance

  • High liquidity for many cryptos
  • Credit Card Purchase Facilities
  • Strong Mobile App
  • Ability to loan out holdings for a return
  • Launchpad allows users to participate in upcoming crypto releases initial exchange offerings(IEOs)

Best US Based Exchange with Automation and Security

Best Crypto Exchange

Bittrex was founded in 2014. They’re a longstanding crypto exchange based in the US with a strong security reputation. Bittrex has two variants, Bittrex (US) and BittrexGlobal, that account for different US regulations. While there are other US-based exchanges, Bittrex is known for being the one with a very large selection of cryptocurrencies compared to the others.

While Bittrex doesn’t allow margin or leverage trading, it does have four order types; Market orders, Limit orders, Ladder limits, and Stop limits. If you do a lot of trading volume, their fees are quite low. And low fees make it the best crypto exchange for some.

The Pros of Trading Cryptocurrency on Bittrex

  • Large Selection of over 200 Altcoins available (with any exchange smaller coins may lack liquidity)
  • Good Security Record founded by security specialists
  • Simple Automated Features
  • Insurance on cold storage crypto holdings of up to $300 million
  • Allows fiat currency deposits and trading (best for Americans)

Best Crypto Exchange for Margin Trading

Kraken

Kraken started in 2013, making it one of the oldest exchanges. However, it’s also considered a reliable and secure service chosen by traders and other global institutions. Kracken allows trading in 32 cryptos and six different fiats (130 pairs). Making up all the coins with over $2billion market caps. 

The trading options are where Kraken shines for advanced traders: with Market & Limit orders, Stop-loss, Take Profit, Settle Position Orders, and Combined Order Types. As well as more advanced Conditional Close orders, Order Start/Expiration Times, P/L/Fee Currency Preferences, and Post Limit orders. 

Kraken has low fees starting with Maker fees at 0.16% and their Taker fees at 0.26%, which goes down with volume over $50K. Debit and credit card deposits aren’t allowed, but there are different bank transfer options. And a low 0.0005 Bitcoin withdrawal fee. So if you like margin trading, this is the best crypto exchange for you.

The Pros of Trading Cryptocurrency on Kraken

  • Low Transaction Fees
  • Margin Trading and Short Selling
  • Advanced options for users
  • Simple interface – to get started quickly
  • USA based traders allowed
  • PGP encrypted cold storage. 
  • Transparency with proof of reserves

Best Crypto Exchange for Link to Credit Cards

Coinbase

Coinbase is our oldest exchange which was started in 2012. They enable its US users to purchase from 30 different cryptocurrencies. Coinbase is known for being the easiest and most direct way to link a credit card or bank account.  They have three basic order types; Market orders, Limits, and Stop orders. 

Coinbase has a good exchange wallet that stores your private keys; most crypto is kept in cold storage. They do have a complicated fee structure, however. For example, all digital currency buys and sales have a spread fee of 0.05% as well as a flat fee on top of that.

This depends on the order size. For example, an amount of $10 or less, the fee is $0.99.  For heavy users, there’s a CoinbasePro. Fees are a tiered maker/taker structure that varies depending on how your order is executed.

The Pros of Trading Cryptocurrency on Coinbase

  • Fiat Gateway and credit card purchases allowed
  • Instant Buys
  • Ease of Use with good mobile apps
  • Insured Bitcoin Deposits and US regulated
  • Integrated crypto wallet
  • Staking available

The Bottom Line

All of these exchanges are proven safe and reliable, with some critical differentiating factors that will allow you to find the best crypto exchange to fit your needs. As a result, find an exchange that works for you. And remember that you could be buying Bitcoin at the top. So make sure that with any cryptocurrency, you’re getting a good entry. Otherwise, you’ll be riding a wave you don’t want to ride.